GDP
List the 4 categories used to calculate GDP.
What are consumer spending, investments, government spending and net exports?
The natural rate of unemployment is between_____ and _____%
What is 4 and 6?
Helped or hurt?
Savers and people who are living on fixed incomes are _______ by inflation.
What is hurt?
Which lasted longer...
The Wright Brothers first flight
The longest recorded flight of a chicken.
What is the longest recorded flight of a chicken
13 v. 12 seconds
True or false: Transfer payments like unemployment, social security and welfare are counted under government spending when calculating GDP.
False
Name one criticism of the unemployment rate:
Possibilities:
Discouraged workers
Part time counts as full time
This type of inflation happens when there is a shortage of things, I also like to see it's too many dollars chasing too few goods.
What is demand pull?
Which was longer...
the world record for a man to hold a plank
or
the amount of time Neil Armstrong and co. spent walking on the lunar surface
What is world record for a man holding a plank?
9hrs 38 min v. 2.5 hours
True or false: an automobile that was produced in 2019 in Mexico by a firm fully owned by the United States counts towards U.S. GDP
False
A laid off construction worker has stopped looking for a new job is considered...
What is not in the labor force?
Inflation that increases drastically in a short period of time, similar to what happened in Zimbabwe in 2008 is called...
What is hyperinflation?
Fun facts: The Great Barrier Reef is the largest reef system in the world and Sweden has the most islands of any country in the world.
Which is more...
The number of square miles of the Great Barrier Reef
The number of islands in Sweden.
What is the number of islands in Sweden?
276,000 v. 133,000
This is the nation's best measure for standard of living.
What is Real GDP per capita?
A factory worker is laid off as the factory becomes more automated with machines is considered this type of unemployed...
What is structural?
This type of inflation happens when the price of an input increases significantly, the price of the good that input makes also increases.
What is cost push?
Which is more...
the number of days William Henry Harrison served as president
or
the height of the tallest sandcastle ever built in feet.
What is the height of the tallest sandcastle ever built?
70ft v. 31 days
Suppose an economy produces the following goods and services in a year:
Using the expenditure approach, calculate the GDP of this economy.
What is $23,500,000?
Using the following chart answer the question that follows.
Civilian Population: 200,000
Working Age Population: 100,000
Working: 38,000
Looking for work: 10,000
If 8,000 of the people looking for work, stop looking, what will the new unemployment rate be?
What is 5%?
2,000/(38,000+2000) x 100 = 5%
Calculate the inflation rate given the following information:
May 2010: 162.1
May 2011: 177.5
What is 9.5%?
Which was faster?
world record for one cycle of cup stacking
or
world record for fastest time to solve a Rubik's Cube
What is Rubik's Cube?
2.76sec. v. 4.7sec.